Home insurance premiums rising sharply in Utah’s counties
Nov 15, 2024, 3:00 PM
New homes in the Cold Spring Ranch community are pictured in Lehi on March 28. Utah home prices are showing no signs of slowing, with an almost 6% increase since 2023. Should these numbers scare you? (Laura Seitz, Deseret News)
(Laura Seitz, Deseret News)
PROVO, Utah — Median home insurance premiums have been rising nationwide, hitting some of Utah’s counties hard.
Utah and Weber Counties landed top 10 spots in the nation with the largest three-year median home insurance premium increases, according to data from the National Bureau of Economic Research.
When looking at the 500 largest counties in the nation, Weber County placed at number four with an 86.4% insurance premium increase. Utah County earned the number 10 spot with a 71.6% increase.
Of all the Utah counties, Grand County had the most significant increase of 154.4%, raising median insurance premiums from $773.09 in 2020 to $1,966.88 in 2023.
Steve Gooch with the Utah Insurance Department said in a statement that insurance rates boil down to the level of risk.
“A home that’s right up against the mountains in Weber County will have a higher premium due to the risk of wildfire than a home in the downtown Ogden area,” said Gooch.
The value of a home is also a significant factor due to the cost of repair or replacement. Gooch stated this as a reason why Summit County— especially the Park City area— may have higher insurance premiums than homes in Beaver County.
An overall reason insurance prices may be rising in Utah is because of the increase in home construction in areas with higher risks of wildfires.
“For the past few years, Utah has seen increased home construction in areas that are designated the ‘wildland-urban interface.’ Those homes are often right up against or amid wildland areas that are at risk for wildfire,” explained Gooch. “That wildfire risk causes insurance premiums to rise for homes in those areas. Especially during drier weather, which causes the risk of wildfire to increase.”
National increases in home insurance premiums
Nationally, median home insurance premiums rose 33% from 2020 to 2023.
Some of the main reasons for increased prices nationally lead back to the cost of materials to build, repair or replace property.
“Construction costs are high at the moment, and have been for several years, as are the costs for consumer goods,” said Gooch. “Increasing prices mean it costs more to cover losses, which means insurance premiums increase so those losses can be covered.”
Utah’s insurance premiums rose an average of 52.28% when taking into account all counties aside from Emery County.
Some ways to potentially lower home insurance premiums include speaking to various insurance agencies, discovering risks and finding ways to reduce those risks.
“People in WUI areas especially should create a defensible space around their homes — clear brush to a distance of 100 feet from your home, trim trees that overhang your roof, and things like that,” said Gooch. “Those types of things are good for all homeowners, but WUI homeowners especially.”
Increases in home insurance premiums among Utah counties
| County | Insurance % change from 2020 to 2023 | Median home insurance premium in 2020 (dollars) | Median home insurance premium in 2023 (dollars) |
| Beaver | 9.8 | 997.98 | 1,095.83 |
| Box Elder | 66.3 | 876.43 | 1,457.50 |
| Cache | 44.7 | 901.19 | 1,304.16 |
| Carbon | 44.9 | 960.52 | 1,391.98 |
| Daggett | .5 | 1,141.48 | 1,174.20 |
| Davis | 57.6 | 923.11 | 1,454.83 |
| Duchesne | 46.9 | 989.37 | 1,453.51 |
| Emery | N/A | N/A | N/A |
| Garfield | 41.7 | 1,295.65 | 1,835.90 |
| Grand | 154.4 | 773.09 | 1,966.88 |
| Iron | 53 | 753.19 | 1,152.41 |
| Juab | 71.3 | 819.52 | 1,403.73 |
| Kane | 83.2 | 723.93 | 1,326.47 |
| Millard | 53.1 | 973.64 | 1,490.59 |
| Morgan | -6.4 | 1,324.97 | 1,240.81 |
| Piute | -38.1 | 1,307.21 | 809.87 |
| Rich | 21.3 | 1,213.06 | 1,471.74 |
| Salt Lake | 51 | 1,045.42 | 1,578.57 |
| San Juan | 69.5 | 732.35 | 1,241.21 |
| Sanpete | 52.2 | 867.06 | 1,320.04 |
| Sevier | 39.2 | 838.40 | 1,166.60 |
| Summit | 96.8 | 1,437.38 | 2,829.61 |
| Tooele | 79.6 | 891.16 | 1,600.56 |
| Uintah | 21.9 | 908.62 | 1,106.48 |
| Utah | 71.6 | 872.34 | 1,497.01 |
| Wasatch | 69.1 | 1,038.52 | 1,756.08 |
| Washington | 59.3 | 800.55 | 1,275.59 |
| Wayne | 63 | 710.39 | 1,158.26 |
| Weber | 86.4 | 886.02 | 1,651.45 |
Numbers from the National Bureau of Economic Research analysis using CoreLogic data.
